Amala Foods PLC Business Update (9765H)

TIDMDISH

RNS Number : 9765H

Amala Foods PLC

09 August 2021

Amala Foods Plc

( " the " Company ")

Business Update

Amala Foods Plc (LON: DISH), a food technology company is pleased to announce a Business Update.

The Company announced on 23 June 2021 that it had signed a term sheet to extend the GBP200,000 loan to the first quarter of 2022 and to receive the remaining balance of the GBP540,000 convertible loan. The Company has now executed an Agreement and has received the remaining loan balance. This will enable the Company to achieve commercial traction and fund operations into the first quarter of 2022.

The Joint Venture Company, Amala Foods Inc, is pleased to announce that the research and development phase has been completed and the focus has now shifted towards preparing for commercial distribution of its plant-based alternative meat products. The initial products that have completed the research and development phase are as follows: Pepperoni; Mexican Sausage; Breakfast Sausage; Tuscan Salami and Sopressata; Hotdog; Chicken Galantine; various Jackfruit products; and Meatballs.

The Company will initially supply restaurants and B2B (business-to-business) customers and later plans to launch to retail customers in the fourth quarter of this year.

The Company recently increased the size of the team including a food scientist. The process is underway to gain approval from the Food and Drug Administration (FDA) which once granted will enable the Company to export its plant-based products. The plant-based sector is experiencing exponential growth globally and the Company is confident that its range of products will be well received.

BigDish Technolo g y Update

The Company has been monitoring the continuing effect of the pandemic on the hospitality industry in the United Kingdom and is currently considering a variety of strategies to adapt the BigDish technology to a business-to-business (B2B) platform for restaurants. The Company is in talks with potential partners for this initiative and will update the market in due course.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")

Enquiries:

 
 Jonathan Morley-Kirk, Non-Executive   [e-mail] 
  Chairman 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDPLMATMTJMMAB

(END) Dow Jones Newswires

August 09, 2021 02:00 ET (06:00 GMT)